Asian stocks rose, led by commodities producers, as copper and oil prices increased and sales of existing homes in the U. S. surged the most on record, fueling speculation a global economic recovery is strengthening. BHP added 4.1 % to A$38.11 after copper futures climbed 5.1 % in New York on Aug. 21, the steepest gain since June 1. The MSCI Asia Pacific Index rose 2.1 % to 112.37 as of 10:33 a. m. in Tokyo, with about 14 times as many stocks gaining as retreating. All 10 industry groups climbed, led by materials producers.

Purchases of existing U. S. homes jumped 7.2 % in July, the most since the tallies began in 1999, the National Association of Realtors said. Federal Reserve Chairman Ben S. Bernanke said the global economy is “beginning to emerge” from recession.

Oil traded near a 10-month high in New York today on speculation demand will increase as the global economy emerges from the deepest recession since World War II.

The yen and dollar fell against the euro on growing optimism the global economy is recovering from the deepest recession since the 1930s, easing demand for the currencies as a refuge.

Consumer spending in the U. S. probably rose in July at half the pace of the previous month, showing the biggest part of the economy is struggling to rebound, economists said before reports this week. Purchases increased 0.2% after a 0.4% gain in June, according to the median estimate of 61 economists surveyed by Bloomberg News. Orders for durable goods, those meant to last several years, probably jumped 3 % in July, reversing the previous month’s 2.5 % decline, economists projected an Aug. 26 report from the Commerce Department will show.

The Commerce Department on Aug. 26 may report that purchases of new houses rose 1.6% in July to 390,000, the highest level since November, according to the Bloomberg survey.

Nouriel Roubini, the New York University professor who predicted the financial crisis, said the chance of a double-dip recession is increasing because of risks related to exit strategies from global monetary and fiscal stimulus.

The global economy will bottom out in the second half of 2009, Roubini wrote in a Financial Times commentary today. Those who maintain large budget deficits will be punished by bond market vigilantes, as inflationary expectations and yields on long-term government bonds rise and borrowing costs climb sharply, he wrote. That will in turn lead to stagflation, Roubini said. the world cannot withstand another shock if speculative trades push oil toward $100 a barrel.